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PMC bank crisis: 51 year old bank depositor dies after protest in Mumbai

A customer of the Punjab and Maharashtra Co-operative (PMC) Bank, Sanjay Gulati (51) passed away on Monday after taking part in a protest rally by depositors.

Depositors of the PMC bank on Monday held a protest outside the city's Esplanade Court in Mumbai demanding reimbursement of their money from the bank.

According to a report in Times of India, Gulati had around ₹90 Lakh in PMC Bank account. He is survived by wife and two young children. Society secretary Yatindra Pal said, "Sanjay and his father C L Gulati worked at Jet Airways. First Sanjay lost his job, now his savings.
He had no history of serious ailments. He only had a thyroid problem. On Monday, he attended a protest rally by depositors, where he saw many agitated and crying. Sanjay returned around 3.30pm and slept. Around 4.45pm, he asked his wife to serve food. As he was eating, he slumped and died. We are all shocked."

His wife has "turned to stone" since his death. "She was alone at home, so she rang me, and we rushed him to Kokilaben Hospital, where he was declared dead on arrival," said Pal. "I called up the police and called for a doctor to prepare the death certificate. Sanjay's parents took the 10pm flight from Bangalore and will perform the last rites. His sister is flying from Delhi,"reported TOI.

At the protest rally, customers claimed that their main demand is that the money of all PMC Bank depositors should be returned. In the wake of ongoing crisis, Union Finance Minister Nirmala Sitharaman had earlier met customers of PMC Bank on October 10 and heard their various grievances.

In September, Central bank restricted the activities of the PMC Bank for six months and asked it to not grant or renew any loans and advances, make any investment or incur any liability, including borrowing of funds and acceptance of fresh deposits.

Reserve Bank of India (RBI) on October 3 stipulated the withdrawal limit for the depositors of Punjab And Maharashtra Cooperative Bank Ltd to ₹25,000. On October 14, the Reserve Bank enhanced withdrawal limit to ₹40,000 per account from Rs 25,000 per account earlier for six months. PMC Bank is a multi-state scheduled urban cooperative bank with operations in Maharashtra, New Delhi, Karnataka, Goa, Gujarat, Andhra Pradesh, and Madhya Pradesh.

The PMC bank had given over ₹6,500 crore in loans to HDIL, which is 73 per cent of its total advances, and which turned sour with a shift in the fortunes of the now-bankrupt company. According to reports, the total loans of the PMC Bank stand at ₹8,880 crore and the deposits at over ₹11,610 crore. There have been massive protests across the city from the depositors following the RBI action.

Dailyhunt

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